Native Markets officially adopts the USDH stablecoin ticker from Hyperliquid.

Native Markets Wins USDH Ticker in Community Vote

Native Markets has thrown its hat in the ring to issue and manage the US dollar Stablecoin (USDH) through a high liquidity crypto exchange. The community officially approved the USDH ticker on Sunday following a voting process.

The proposals included enhancements to the initial USDH project, which involved high liquidity improvement proposals (HIP) and ERC-20 tokens. The outline for the next steps was shared as well.

“We’re going to kick off with a test phase for minting and redemptions, allowing up to $800 per transaction in our initial group. After that, we plan to open the USDH/USDC spot order book and start redemptions for unlimited minting.”

Over at Polymarket, the odds for who would secure the USDH ticker were projected at over 99% in favor of Native Markets, especially after synthetic Stablecoin issuer Ethena dropped out of the race earlier on Thursday.

This bidding saga for USDH has caught the attention of the crypto community and industry leaders, leading to discussions about the selection processes involved, as well as broader concerns for the future of the Stablecoin sector.

Criticism Surrounds Hyperliquid’s USDH Bid War

There have been mixed feelings from crypto industry leaders regarding the USDH bidding process and the recent vote results. Hashevi Kleshi from Dragonfly capital expressed his skepticism, stating, “It started to feel like the USDH request for proposals was somewhat of a sham.” He mentioned conversations with multiple bidders who felt that validators appeared disinterested in those outside of the native market, implying that behind-the-scenes negotiations might have affected the outcome.

Mert Mumtaz, CEO of the RPC Node Provider Helius, noted that the bidding conflicts show how the concept of Stablecoins is becoming increasingly commercialized. He speculates that in the near future, the Stablecoin ticker will be simplified for users, presenting just a general “USD” while the legwork of coin exchanges happens behind the scenes, largely unnoticed by users.